CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
The CoinDesk 20 is currently trading at 2085.29, down 3.6% (-78.65) since 4 p.m. ET on Friday.
None of 20 assets are trading higher.
Leaders: BNB (-2.3%) and BTC (-2.5%).
Laggards: AAVE (-22.9%) and ICP (-7.9%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.
Abu Dhabi-regulated tokenization firm KAIO said Monday it had raised $8 million in a strategic funding round backed by Tether and several other crypto and institutional investors, as it builds infrastructure to bring traditional funds onto blockchain rails.
The round brings KAIO’s total funding to $19 million. New investors include Systemic Ventures, while Further Ventures and Laser Digital joined again alongside earlier backers such as Brevan Howard Digital.
KAIO said it develops infrastructure that allows asset managers to distribute funds onchain. It created tokens of products from firms like BlackRock, Brevan Howard and Hamilton Lane, then makes them accessible through blockchain-based systems.
With the investment, KAIO plans to expand into other products such as credit, structured investments and exchange-traded funds. The firm said it plans to launch onchain fund with Mubadala Capital, the Emirati private equity firm with $385 billion in assets under management.
By creating tokens of institutional funds, the firm said its goal is to lower investor barriers to entry. KAIO targets minimum investments starting at $100 for eligible users, far below the typical thresholds for institutional funds.
Tether’s involvement ties the model to stablecoin flows. USDT is the most popular stablecoin, boasting a $185 billion supply, and is often used to move money across borders, especially in emerging markets. KAIO aims to channel that liquidity into regulated investment products.
“KAIO’s unique position unlocks new pathways for capital formation and investment by bringing institutional-grade assets onchain and making them more broadly accessible, helping expand participation in global financial markets,” Tether CEO Paolo Ardoino said in a statement.
KAIO said its platform embeds compliance into its system and supports regulated distribution frameworks, including those in Abu Dhabi, the Cayman Islands and Singapore.
The company said it tokenized about $100 million in assets and has processed more than $500 million in transactions.
Bitcoin (BTC) erased losses after Monday’s Wall Street open as markets largely shrugged off the return of the US-Iran war.
Key points:
Bitcoin joins stocks in a muted reaction to the latest US-Iran deterioration and closure of the Strait of Hormuz.
BTC price manages to top 2.5% daily upside despite the lack of resolution.
Analysis warns that Bitcoin market strength is begin driven by Strategy and speculators.
Data from TradingView showed 2.5% daily gains for BTC/USD, which had closed the week below $74,000.
US stocks saw modest downside as the week began, but the losses remained modest, while oil began retracing an initial move toward $90.
The repositioning came a day after US President Donald Trump announced a fresh round of negotiations over Iran in Pakistan.
“My Representatives are going to Islamabad, Pakistan — They will be there tomorrow evening, for Negotiations,” he wrote in a post on Truth Social on Sunday.
Trump appeared to dismiss the significance of Iran closing the Strait of Hormuz, calling its announcement “strange.”
Responding, crypto trading company QCP Capital suggested that markets had already readjusted expectations of the war’s outcome and timeline for it.
“Despite the pullback in spot alongside renewed tensions, volatility has stayed notably subdued, hovering near year-to-date lows,” it wrote in its latest “Market Color” update.
“This disconnect between realised risk and implied pricing suggests investors are recalibrating expectations toward a more episodic pattern of escalation: on-and-off disruptions around the Strait, paired with cycles of rhetoric and de-escalation. In effect, markets are beginning to price duration rather than intensity, pointing to a conflict that may be more protracted than initially assumed, but still contained within current bounds.”
QCP added that even with the US-Iran ceasefire due to officially expire within days, that event was unlikely to be definitive.
“The base case, for now, remains one of range-bound volatility, rather than a decisive breakout across major asset classes,” it concluded.
Analyzing short-term BTC price moves, J. A. Maartunn, a contributor to onchain analytics platform CryptoQuant, had some bad news for bulls.
Related: BTC price due new highs: Five things to know in Bitcoin this week
Bitcoin’s recent local highs, he suggested, were simply a result of buying pressure from Strategy and speculative traders, with sellers stepping in to take profit, halting the rally.
“Where does that leave price? Not far,” he summarized in an X thread.
Maartunn said that BTC/USD remained stuck below “key resistance,” including the cost basis of short-term holders (STHs) near $83,000.
“Long-Term Holders keep accumulating, and Strategy isn’t done yet,” he acknowledged.
“The key question: is it enough to push Bitcoin higher? For now, this still looks like a bear market rally… But a strong breakout could quickly shift the trend.”
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
Two digital workers named after real people are now showing up in Coinbase employees’ inboxes and chat channels — and the company’s CEO thinks they’re just the beginning.
Coinbase has rolled out a pair of AI agents built to assist staff with everyday work tasks, accessible directly through Slack and email.
One is called Fred, named after company co-founder Fred Ehrsam. Fred operates as a “strategic executive agent,” helping workers think through priorities and get feedback on decisions.
The other is Balaji — a nod to former Coinbase chief technology officer Balaji Srinivasan — whose role is to push back on ideas and help employees think differently.
Both agents are live and being tested across the organization.
CEO Brian Armstrong announced the move on X over the weekend, describing the deployments as an early step in a much larger shift.
According to Armstrong, the goal is to eventually make it easy for any employee to spin up their own agent — or build one for their team.
Coinbase is testing AI agents that show up in slack/email at work, just like any human teammate. To start we’re shipping two which are modeled after legendary former Coinbase employees, @FEhrsam and @balajis. (Who brutally frame mogged who in this matchup?)
Soon, it will be easy… pic.twitter.com/1bxfh8Dg9q
— Brian Armstrong (@brian_armstrong) April 18, 2026
Armstrong went further than most executives typically do when talking about AI in the workplace.
Reports indicate he believes Coinbase could one day have more AI agents on its roster than human workers.
That prediction lands at a time when tech companies across the industry have been cutting staff while leaning harder on AI tools to fill the gaps.
Coinbase has been moving in this direction for a while. Based on earlier reports, Armstrong set a target for AI to write more than 50% of the company’s code.
Separately, the company announced a push to turn its workforce of over 4,000 people into what it called “AI-Natives.”
The two new agents are the most visible sign yet of that internal push playing out in practice.
The workplace rollout connects to a bigger story unfolding across the crypto industry.
Armstrong has publicly predicted that AI agents will be transacting online more often than humans in the near future.
Circle CEO Jeremy Allaire made a similar call earlier this year, saying billions of AI agents could be moving money onchain within three to five years.
Former Binance CEO Changpeng Zhao has described crypto as the natural currency for AI-driven transactions — the kind that happen without a credit card or a human in the loop.
Coinbase has already built infrastructure to support that vision. The company launched a protocol called x402 last year, designed to handle payments made by AI agents across both crypto and traditional financial rails.
With Fred and Balaji now live inside the company’s own tools, Coinbase is testing the concept where it can watch it most closely — from the inside.
Featured image from Pexels, chart from TradingView
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Work on global standards for stablecoins has slowed over the past year, raising concern among central bankers that gaps in oversight could split markets and amplify risk.
Bank of England Governor Andrew Bailey, who chairs the Financial Stability Board, said progress on international rules has stalled, Reuters reported last week. That’s a concern, Bank for International Settlements (BIS) General Manager Pablo Hernández de Cos said Monday in Japan.
Global coordination is critical to avoid a patchwork of rules that firms could exploit, de Cos said, according to Reuters. Without international alignment, companies may shift operations to jurisdictions with lighter oversight, a practice known as regulatory arbitrage.
The warning comes as major economies push ahead with their own frameworks, often on different timelines and with different approaches.
The stablecoin sector has expanded over the last few years, and now accounts for $320 billion according to DeFiLlama. Tether’s USDT and Circle Internet’s (CRCL) USDC make up most of that figure. De Cos said their structure can resemble securities more than cash, noting that redemption frictions can push prices away from their intended $1 value.
He also said that sudden withdrawals could ripple through markets. Proposals to reduce risk include limiting interest payments on stablecoins and giving issuers access to central bank lending facilities or deposit-insurance-type arrangements.
Policymakers argue such measures could make the sector safer while preserving its role in digital payments.
In the U.S., lawmakers are working to advance the Digital Asset Market Clarity Act, which would set federal rules for digital asset markets.
The bill passed the House last year and is now before the Senate, where Banking Committee Chairman Tim Scott and Agriculture Committee Chairman John Boozman are leading the push. Senators Thom Tillis and Angela Alsobrooks have negotiated a compromise on stablecoin yield that could clear the way for a markup, while Senator Cynthia Lummis, who chairs the Banking Committee’s digital assets subcommittee, has said a hearing could come in the second half of April.
A deal remains contingent on resolving several open questions, including DeFi oversight and ethics provisions.
At InsurTech NY, Clinton Houck from Fair explains how the company is addressing a common misunderstanding in auto insurance.
Houck says many consumers assume their auto insurance covers all types of vehicle issues. In reality, standard policies typically focus on accident-related damage, such as collision or comprehensive cover. Mechanical breakdowns, such as engine failure or faulty components, are often excluded.
Fair’s role is to fill that gap.
Houck explains that the company provides mechanical breakdown coverage, helping to cover repairs when a vehicle fails outside of an accident. This allows insurers, brokers, and carriers to offer a more complete solution to customers, rather than leaving them exposed to unexpected repair costs.
He adds that this type of coverage complements existing policies rather than replacing them.
By working alongside traditional auto insurance, Fair enables a more comprehensive approach to vehicle protection, which Houck believes aligns more closely with what consumers expect.
Houck also highlights the importance of distribution and partnerships in delivering these solutions.
At InsurTech NY, he says the focus is on meeting partners who can offer Fair’s products, as well as connecting with organisations that serve the same end customer. The event provides access to a wide range of stakeholders, including brokers, carriers, and technology providers, all in one place.
Looking at broader trends, Houck points to the growth of MGAs as a significant shift in the market.
He explains that MGAs are increasingly bringing specialised expertise to specific segments, such as commercial risk or high-risk auto. These organisations are able to underwrite and price risks in ways that larger carriers may not, while still relying on those carriers for capacity.
According to Houck, this is leading to the creation of more tailored and niche insurance programmes.
Overall, his view is that the market is becoming more flexible and specialised, with new models emerging to address gaps that traditional insurance has not fully covered.
The popular Spiderman meme showing three identical superheroes pointing fingers at each other is having its crypto moment today.
Kelp DAO is set to push back on LayerZero’s post-mortem of Sunday’s $290 million exploit, which essentially blames Kelp, a L2 source familiar with the matter told CoinDesk. Kelp plans to dispute the cross-chain messaging firm’s claim that it ignored repeated warnings to move away from a single-verifier setup. CoinDesk has reviewed and verified the firm’s discussions.
Kelp is a liquid restaking protocol that takes user-deposited ether, routes it through a yield-generating system called EigenLayer, and issues a receipt token, rsETH, in exchange.
LayerZero is the cross-chain messaging infrastructure that moves rsETH between blockchains, using entities called DVNs (decentralized verifier networks) to verify whether a cross-chain transfer is valid.
On Saturday, attackers drained 116,500 rsETH, worth about $290 million, from Kelp’s LayerZero-powered bridge by poisoning the servers that LayerZero’s verifier relied on to check transactions.
Kelp, the source said, is planning on saying the DVN that was compromised via what it calls a “sophisticated state-sponsored attack” was LayerZero’s own infrastructure, not a third-party verifier.
Attackers compromised two of LayerZero’s own servers that check whether cross-chain transactions are legitimate, then flooded the backup servers with junk traffic to force LayerZero’s verifier onto the compromised ones.
All of that infrastructure was built and run by LayerZero, not Kelp, the source claimed.
The source contested LayerZero’s framing of the “1/1 configuration” as a fringe choice made against guidance. LayerZero’s post-mortem said KelpDAO chose a 1-of-1 DVN setup despite expressing recommendations to configure multi-DVN redundancy.
A “1/1 configuration” means only a single validator must sign off on a cross-chain message for the bridge to act on it, leaving the system with no second check to catch a compromised or forged instruction. A multi-validator configuration (such as 2/3, 3/5, etc.) ensures there is no single point of failure that can approve a forged message on its own.
They added that, through a direct communications channel with LayerZero, which has been open since July 2024, they produced no specific recommendation for Kelp to change the rsETH DVN configuration.
LayerZero’s own quickstart guide and default GitHub configuration point to a 1/1 DVN setup, the source told CoinDesk, adding 40% of protocols on LayerZero are currently using the same configuration.
The configuration Kelp ran also appears in LayerZero’s own V2 OApp Quickstart, where the sample layerzero.config.ts wires every pathway with one required DVN and no optional DVNs. That’s the same 1/1 structure.
Kelp’s core restaking contracts were not touched, and the exploit was isolated to the bridge layer, they added. Its emergency pause, 46 minutes after the drain, blocked two follow-up attempts that would have released an additional ~$200 million in rsETH.
CoinDesk reached out to LayerZero for comment on the story and didn’t hear back by the time of publication.
Security researchers are also not buying LayerZero’s isolated framing, which pinned the blame on Kelp.
Kelp is a liquid restaking protocol. Its core competency is staking infrastructure, EigenLayer integration, and liquid staking token management. When integrating with LayerZero, Kelp relied on LayerZero’s documentation, their defaults, and their team’s guidance to make configuration decisions, the source claimed.
Yearn Finance core team developer Artem K, who is popularly known as @banteg on X, posted a technical review of LayerZero’s public deployment code and said that the reference setup ships with single-source verification defaults across every major chain, including Ethereum, BSC, Polygon, Arbitrum and Optimism.
That deployment also leaves a public endpoint exposed that leaks the list of configured servers to anyone who queries it.
Banteg flagged in his analysis that he can’t prove which configuration Kelp used, but noted that LayerZero usually asks new operators to use its default setup, which its post-mortem criticized.
Chainlink community manager Zach Rynes put it bluntly on X, alleging that LayerZero was “deflecting responsibility” for its own compromised infrastructure and accused the company of throwing Kelp under the bus for trusting a setup LayerZero itself supported.
As such, LayerZero has said it will no longer sign messages for any application running a single-verifier setup, forcing a protocol-wide migration.
In a statement on Monday afternoon on X, Kelp DAO confirmed CoinDesk’s earlier reporting and said the 1-of-1 DVN setup at the center of the incident reflects LayerZero’s documented default configuration. The team added that it has operated on LayerZero infrastructure since January 2024 and maintained close communication with the LayerZero team, including during its L2 expansion when, it says, the default configuration was explicitly confirmed as appropriate. “Establishing a shared and accurate account of what happened is the foundation for making the right fixes together,” the team wrote in their post.
For their part, the team behind LayerZero is working to “harden security across every possible vector for applications,” co-founder Bryan Pellegrino said in a post on X (formerly Twitter). He said that the initial investigations had been “largely resolved” and that the team would publish more updates soon.
Read more: ‘DeFi is dead’: crypto community scrambles after this year’s biggest hack exposes contagion risk
UPDATE (April 20, 2026, 21:27 UTC): Adds in Kelp DAO statement.
UPDATE (April 20, 2026, 21:45 UTC): Adds LayerZero statement.
Fluid’s aWETH Redemption Protocol, launched with Lido, Ether.fi, 1inch, 0x and Kyber, has processed $136M out of Aave’s frozen WETH pool in 48 hours.
The same architectural openness that turned a forged cross-chain message at Kelp DAO’s bridge into hundreds of millions of bad debt at Aave has in 48 hours produced its own antidote: A coalition of DeFi protocols has launched an emergency exit route.
Fluid, a DeFi DEX and lending protocol, has joined with other DeFi protocols to build a way for ETH depositors and loopers on Aave to swap their positions out of WETH, either exiting the protocol altogether or switching to a different collateral type, at a time when direct withdrawals are unavailable after the $290 million Kelp DAO exploit.
The aWETH Redemption Protocol has processed 58,510 aWETH, or approximately $136 million, out of Aave’s frozen WETH pool in its first 48 hours, according to the live Dune dashboard Fluid is publishing.
The protocol was built in under 24 hours in response to Aave’s ETH utilization hitting 100% after the April 18 exploit of Kelp DAO’s rsETH bridge adapter.
The infrastructure allows Aave ETH lenders to swap aWETH into wstETH or weETH collateral in a single transaction, at a discount of roughly 2.21% for a 1,000 aWETH swap, per 1inch co-founder Sergej Kunz. Early exits via secondary markets had been clearing near 23% below par.
Two user scenarios are supported: For lenders, aWETH converts to wstETH and weETH collateral. Users can then withdraw their assets. For borrowers, collateral switches from ETH to wstETH or weETH collateral. Debt remains unchanged and users can exit a previously stuck position or remain on Aave with yield-bearing collateral.
Lenders hand aWETH into Fluid’s Lite ETH Vault in exchange for wstETH or weETH. The vault then uses the incoming aWETH to repay part of its own WETH debt at Aave, extinguishing a liability without requiring WETH to leave Aave’s pool. The netting works because Fluid is the single largest user of the Aave WETH market, carrying approximately $1.5 billion in ETH debt against its looped Lite Vault positions.
Because Fluid already owes the debt being retired, the protocol is not taking on new directional risk. It is exchanging one claim on LST collateral for another, with the exiting lender absorbing a modest haircut and the vault reducing its borrowed exposure in a market where supply is otherwise trapped.
Lido Finance, Ether.fi, 0x Protocol, 1inch, and KyberNetwork are leveraging the protocol. Lido and Ether.fi contribute LST liquidity, 1inch shipped the front-end, and 0x and Kyber are routing orders. Aave’s DAO-recommended withdrawal guidance now directs trapped WETH suppliers toward the Fluid route.
“ETH utilization on Aave hit 100% and lenders had no exit. Fluid built the infrastructure in hours — with significant capacity to support ETH lenders at scale,” Fluid Founder and CTO Samyak Jain said in an announcement.
On April 18, an attacker exploited Kelp DAO’s LayerZero-based rsETH bridge adapter and minted 116,500 rsETH, approximately $293 million, or 18% of circulating supply, without a corresponding amount locked on the Ethereum side. The attacker supplied the unbacked rsETH as collateral on Aave V3 and V4 and borrowed approximately $236 million in WETH before markets were frozen.
Aave’s WETH utilization reached 100% within hours as lenders attempted to withdraw ahead of the bad-debt recognition, breaking the lending invariant that allows passive withdrawals. Variable borrow rates spiked into triple digits and aWETH began trading at a discount on secondary markets.
Aave’s risk team, in its April 20 incident report, modeled bad debt at between $123.7 million and $230.1 million depending on how claims on the under-collateralized rsETH L2 adapter are allocated.
Kelp DAO and LayerZero have continued to dispute responsibility. Kelp’s April 19 statement argued that the 1-of-1 DVN configuration used on the bridge was LayerZero’s documented default in its quickstart guide and was re-confirmed as appropriate by the LayerZero team during Kelp’s L2 expansion. LayerZero has attributed the exploit to the North Korea-linked Lazarus Group’s TraderTraitor subgroup and said it will no longer allow new OFT deployments to ship with 1-of-1 DVN configurations.
The architectural property that allowed the exploit to cascade across Aave, Compound, Fluid and other venues is what allowed the redemption protocol to be assembled in under a day. aWETH is a standardized receipt token, wstETH and weETH are standardized LSTs, Aave’s “repaywithAtokens” function is public and permissionless, and aggregators can source liquidity from any venue. The Fluid flow combines those primitives without a governance vote, a treasury drawdown, or a new counterparty relationship.
The protocol does not reduce Aave’s modeled bad debt, reverse the attacker’s borrowing, or affect the LayerZero-Kelp dispute. It provides an individual exit for lenders who would otherwise wait for a socialization outcome or accept a steeper market discount.
Fluid said capacity is significant and additional partners are being engaged.
Results highlight AI’s potential to aid radiologists in identifying diverse breast cancer subtypes, including invasive lobular cancer
Results highlight AI’s potential to aid radiologists in identifying diverse breast cancer subtypes, including invasive lobular cancer
New research on Hologic’s AI-driven breast cancer detection technologies, including a study focused on invasive lobular cancer, was presented at the Society of Breast Imaging (SBI) Symposium over the weekend in Seattle, Washington.
New research highlights AI’s potential to aid radiologists in identifying diverse breast cancer subtypes, including invasive lobular cancerShare
“Invasive lobular cancers are more challenging to detect on a mammogram because of their unique characteristics,” said Mark Horvath, President of Breast & Skeletal Health Solutions at Hologic. “In the study, AI maintained high sensitivity for flagging these cancers, including some that had been interpreted as negative at a prior screening. These data add to a growing body of evidence that AI can act as a powerful supportive tool for radiologists as they review the full spectrum of breast cancers.”
In this retrospective, single-center study, researchers at Massachusetts General Hospital in Boston reviewed invasive lobular cancer cases diagnosed over a 10-year period and grouped them into two categories: those detected by a radiologist during a routine screening exam (195 total) and “false negatives” that were diagnosed within a year of a routine screening exam initially interpreted as negative (44 total). Researchers then used Hologic’s Genius AI® Detection solution to retrospectively analyze all 239 cases. In this cohort, the technology identified and correctly localized close to 90% of the confirmed invasive lobular cancers.1
New research suggests that, on average, 1 in 20 women worldwide will be diagnosed with breast cancer in their lifetime and, that if current rates continue, by 2050 there will be 3.2 million new breast cancer cases and 1.1 million breast cancer-related deaths per year.2 About 10-15% of all breast cancers are invasive lobular cancers,3 while ductal cancers that originate in the milk ducts of the breast — such as invasive ductal carcinoma and ductal carcinoma in situ — occur more commonly. Invasive lobular cancer arises in the milk-producing glands (lobules) of the breast and, because of its unique biology and tendency to grow in a linear pattern, it may be more challenging to see on mammography. This may lead to later detection and a more advanced stage at diagnosis.
The AI algorithm also identified 43% of the invasive lobular cancer cases initially interpreted during routine screening as negative.1 Of note, as a retrospective analysis at a single institution, the study did not evaluate how use of AI in real time clinical practice would affect recall rates, biopsy outcomes or patient management.
Also at the Society of Breast Imaging Symposium, Hologic hosted a lunch and learn discussion with breast imaging experts focused on implementation of 3DQuorum® imaging technology, which uses AI to reduce the number of 3D imaging “slices” radiologists need to review without compromising image quality, sensitivity or accuracy.4,5
Study Limitations
The MGH study did not assess false-positive rates, recall rates or biopsy outcomes, and its single-center design may limit generalizability. AI performance was evaluated retrospectively and did not influence real-time radiologist decision-making; therefore, the observed gains represent a theoretical upper bound rather than a measured clinical impact. Additionally, the cohort included only patients with invasive lobular cancer, precluding comparison with other histologic subtypes.
Strategy added 34,164 bitcoin to its treasury last week, spending about $2.54 billion in one of the largest single purchases in its history, according to a Monday regulatory filing.
The acquisition was made at an average price of $74,395 per bitcoin and brings the company’s total holdings to 815,061 BTC. Strategy has now spent roughly $61.56 billion accumulating bitcoin at an average cost basis of $75,527 per coin. This is Strategy’s third largest bitcoin purchase.
With bitcoin trading near $75,000, the firm’s position sits close to its aggregate purchase price, leaving the holdings near break-even after recent market volatility.
Strategy has overtaken BlackRock in total bitcoin holdings with this latest purchase.The firm led by Michael Saylor now holds 815,061 BTC, surpassing BlackRock’s 802,823 BTC, which is primarily held through its spot bitcoin ETF products.
The latest buy marks the company’s third-largest purchase on record and its most aggressive accumulation since late 2024. Strategy remains the largest publicly traded holder of bitcoin, continuing a balance sheet strategy first introduced in 2020.
Executive Chairman Saylor signaled the move ahead of the announcement, posting a message over the weekend urging observers to “think even bigger,” a phrase that has become associated with the company’s ongoing bitcoin accumulation campaign.
The purchases were financed through a combination of equity issuance and preferred stock sales. Strategy raised about $366 million through the sale of common shares and approximately $2.18 billion through its perpetual preferred stock offering known as STRC.
The STRC instrument has taken on a central role in funding recent acquisitions. The preferred stock carries a variable dividend structure designed to maintain a price near par value while offering an annualized yield of about 11.5%. The company recently proposed shifting dividend payments from a monthly to a semi-monthly schedule, a move aimed at improving liquidity and reducing reinvestment delays.
Strategy continues to expand its capital raising capacity. Billions of dollars in additional common and preferred shares remain authorized for issuance under existing programs. These efforts form part of a broader plan to raise significant capital through equity and convertible instruments to fund further bitcoin purchases through 2027.
The scale of Strategy’s holdings now represents more than 3.8% of bitcoin’s fixed supply of 21 million coins, underscoring the firm’s outsized role in the market.
Shares of Strategy declined about 2.5% in pre-market trading following the disclosure, reflecting investor sensitivity to both bitcoin price movements and the company’s continued reliance on capital markets to fund acquisitions.
Strategy is moving to increase the frequency of payouts on its STRC preferred stock, signaling a push to make the Bitcoin-backed instrument more attractive to income-focused investors.
In a proposal, the company said it plans to shift STRC (Variable Rate Series A Perpetual Stretch Preferred Stock) dividends from a monthly to a semi-monthly schedule. The change would effectively split the current 11.50% annualized yield into two payments each month, offering more frequent cash flow and input to shareholders.
The adjustment reflects growing demand for shorter-duration income streams, particularly as Bitcoin markets remain volatile. With BTC trading near $74,000, Strategy appears to be positioning STRC as a more responsive yield product for both institutional and retail investors seeking regular liquidity.
STRC’s structure is designed to maintain a stable $100 par value through a variable dividend mechanism. When the share price dips below that level, the yield is increased to incentivize demand and support price stability. This dynamic rate-setting process — currently adjusted monthly — could become more reactive under a semi-monthly framework.
At the time of writing, the bitcoin price is dancing between $75,000 and $76,000.
